Adjustable Starting VWAP

The Adjustable Starting VWAP indicator allows traders to anchor multiple Volume Weighted Average Price (VWAP) calculations to specific historical timestamps, providing dynamic support and resistance levels. By selecting precise start dates and times, users can observe how volume-weighted value develops from significant market events, such as earnings reports, trend reversals, or economic releases.

Usage

The indicator can be used to identify key levels where institutional interest may be concentrated. Traders can plot up to six independent VWAP lines simultaneously. A common strategy involves:

• Resistance Levels: Anchor a VWAP to a significant high using the "High" source to identify potential overhead resistance.
• Support Levels: Anchor a VWAP to a significant low using the "Low" source to identify potential floor support.
• Trend Confirmation: Observe price action relative to these anchored lines to gauge the strength of a current move.

Users can enable or disable specific plots via the "Plot" toggle in the settings and adjust the starting year, month, day, and hour for each line.

Details

Technically, this script calculates an anchored Volume Weighted Average Price (often referred to as a Volume Weighted Moving Average in this context) by cumulatively summing the product of price and volume only after the user-defined timestamp has been reached. It then divides this cumulative value by the cumulative volume since that same timestamp. This "anchoring" technique ensures that older, potentially irrelevant price action does not dilute the calculation of the current trend started at a specific event.

Settings

General

• TimeZone: Adjusts the time offset to match your local timezone for accurate timestamp entry.

VWAP 1 - 6

• Plot: Enables or disables the visibility of the specific VWAP line.
• Source: Determines the price source used for the calculation (e.g., High, Low, Close, hlc3).
• Year/Month/Date/Hour/Minute: Defines the exact starting point for the anchored calculation.

FAQ

How do I access Adjustable Starting VWAP?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I use different sources for different lines?

Yes, each of the six available lines has its own independent source input, allowing you to track VWAPs based on highs and lows simultaneously.

Why does the line only start at a certain point?

The indicator is designed to "anchor" its calculation. It will only begin calculating and plotting once the chart time reaches the specific timestamp you have configured in the settings.